Life Bancassurance in Europe: Investment-Related Life Insurance and Retirement Savings
NEW YORK, Feb. 2, 2012 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
Life Bancassurance in Europe: Investment-Related Life Insurance and Retirement Savingshttp://www.reportlinker.com/p0766033/Life-Bancassurance-in-Europe-Investment-Related-Life-Insurance-and-Retirement-Savings.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Life_Insurance
Finaccord's report titled Life Bancassurance in Europe: Investment-Related Life Insurance and Retirement Savings offers fresh and valuable insights into the distribution by banks and other lending institutions of these types of product across 20 countries: Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Romania, Russia, Spain, Sweden, Switzerland, Turkey, and the UK. Drawing on a survey of nearly 1,200 banking entities, the study finds that 48.6% offer at least one form of investment-related life insurance or retirement savings product, giving a total of over 1,000 initiatives. Hence, given that the aggregate market for investment-related life insurance and retirement savings across the 20 countries was worth around EUR 635.9 billion in premiums in 2010, it is clear that banking institutions can intermediate a significant volume of business in these sectors, especially as they are the dominant distribution channel in many countries. In addition to identifying schemes for the distribution of investment-related life insurance and retirement savings through the bancassurance channel, the research also classifies and analyses these according to the operating model used, distinguishing, for example, between captive, joint venture and external product providers. It also calculates the weighted share of partnerships of the providers involved, thereby specifying not only which competitors hold which partnerships but also illustrating which competitors hold the most significant distribution deals. Key findings from the executive summary include: - an analysis of the share of ultimate holding companies of bancassurance partnerships for investment-related life insurance and retirement savings, weighted by customer numbers and by the approximate value of premiums distributed through the bank channel in each country, reveals that CNP Assurances, Crédit Agricole, Crédit Mutuel, BNP Paribas and Intesa Sanpaolo are the leading European groups by this measure; - given that AXA and Société Générale also rank among the top eight groups, the success of French bancassurers both in their domestic market and elsewhere in Europe is apparent; - the fastest growth in the underlying markets for investment-related life insurance and retirement savings between 2006 and 2010 came in Turkey, where premiums rose by 37.1% a year on average, followed by Romania and Russia, with compound annual increases of 18.5% and 15.6%, respectively; - more than 75% of the banking institutions researched in Spain were distributing investment-related life insurance at the time of the research, but this figure fell to below 5% in Russia.
TABLE OF CONTENTSThe market value across the 20 countries amounted to around EUR 635.9 billion in 2010 ... 1
Growth rates and levels of contribution per capita vary enormously by country . 2
Bancassurance is almost totally dominant as a channel for these products in Finland and Portugal 3
Nearly a half of entities surveyed have a partnership for one or both of these products... . 4
... rising to well over a half if specialised lenders are excluded from the analysis ... 5
The Spanish market is distinguished by the prevalence of joint venture underwriters ... 5
Five of the eight leading providers of these products across Europe as a whole are bank-owned... 5
... with CNP Assurances and Crédit Agricole the market leaders by weighted share of partnerships ... 5
1.0 INTRODUCTION 7
What is this report about? .. 7
Distribution partnerships with banks and other lending institutions constitute the focus of this report ... 7
Rationale . 7
Nearly half of banking organisations surveyed sell at least one type of the products covered by this report 7
Methodology ... 8
Survey of banks and other lending institutions .. 8
Market data . 8
Definitions . 10
Investment-related life insurance . 10
Retirement savings ... 10
Weighted provider share of partnerships 10
Operating models . 11
Abbreviations and exchange rates .. 11
Finaccord .. 12
2.0 EUROPEAN OVERVIEW 14
Introduction ... 14
Market analysis – investment-related life insurance and retirement savings 15
Contributions to retirement savings policies are gaining ground on investment-related life insurance 15
Compound annual growth rates exceeded 10% in five countries between 2006 and 2010 16
Finland has the highest level of savings per capita, using these types of policy ... 17
Market analysis – investment-related life insurance... 19
Over EUR 360 billion were paid into investment-related life insurance policies in 2010 .. 19
This market tends to be largest where retirement savings vehicles are under-developed ... 20
Market analysis – retirement savings .. 22
Retirement savings policies attracted EUR 275 billion of premiums and equivalent revenue in 2010 22
The UK market makes up nearly 40% of the European total... . 22
...though three other countries recorded higher premiums per capita in 2010 .. 23
The value of contributions in six developing markets doubled between 2006 and 2010 . 23
Bancassurance analysis .. 26
Provision rates and operating models for investment-related life insurance . 26
The provision rate for investment-related life insurance through banks is highest in Spain . 26
Use of a single, external product provider constitutes the most regularly used operating model... .. 26
...though captives are preferred in several countries .. 26
Financial advice can be provided without needing multiple insurance partners ... 26
The captive model is most common on a weighted basis... .. 30
... simply because larger institutions are more likely to have established captive insurance providers ... 30
Provision rates and operating models for retirement savings 33
The average provision rate for retirement savings is higher than that for investment-related life insurance ... 33
As with investment-related life insurance, single external product providers are used most often .. 33
Captive providers are again more prominent on a weighted basis 37
Distribution share of bancassurance for investment-related life and retirement savings.. 40
Finaccord's analysis illustrates the influence of bancassurance on a standardised basis ... 40
The bancassurance channel accounts for more than 80% of business in two countries... .. 40
...but less than 20% in five others ... 40
Pan-European bancassurance groups 42
Six of the eight leading bancassurance groups in Europe for these product classes originate from France... 42
The weakness of bancassurance as a channel in the UK means that UK-only providers miss the top tier 42
The strength of CNP Assurances in France is boosted by its joint ventures in Italy, Portugal and Spain ... 42
3.0 AUSTRIA ... 44
Banks and other lending institutions covered . 44
Introduction to the banking sector ... 44
The banking system can be divided according to how banks operate at the national, regional and local level .. 44
Austrian banks are expected to raise EUR 2.9 billion to meet new capital requirements . 45
Insurance market size and growth .. 45
Austria's market delivered little growth between 2006 and 2010 ... 45
Distribution share of banks .. 46
Bancassurance provision rates, operating models and partnerships ... 47
Investment-related life insurance 47
More than two in three banks offer investment-related life insurance in Austria ... 47
Erste Bank's bancassurance partnership was renewed for another 15 years in 2008 . 47
The Raiffeisen Bankengruppe has also entered into a long-term strategic relationship ... 47
Both ERGO and Generali have bought majority stakes in major bancassurance providers in recent years... 47
Excluding captive brokers, around 16 competitors work with banks in this market segment ... 48
Retirement savings .. 50
The provision rate among banking institutions for retirement savings is slightly lower... .. 50
... although the operating models and partnerships are largely the same . 50
Performance of key bancassurance underwriters .. 52
On a combined basis, bancassurers increased their share of total life insurance between 2006 and 2010 ... 52
4.0 BELGIUM .. 53
Banks and other lending institutions covered . 53
Introduction to the banking sector ... 53
Structurally, Belgium's banking and insurance sectors are very closely linked . 53
Dexia's banking and insurance operations were nationalised in October 2011 53
Insurance market size and growth .. 54
Falling sales of individual unit-linked policies and capitalisation bonds cause the overall market to stagnate 54
Distribution share of banks .. 55
Banks are dominant in individual life insurance, especially for single premium contracts 55
Bancassurance provision rates, operating models and partnerships ... 56
Investment-related life insurance 56
All of Belgium's mainstream retail banks offer investment-related life insurance... ... 56
…and around half of those do so in conjunction with a captive or joint venture provider . 56
The leading providers of investment-related life insurance include AG Insurance and ING…. 56
…and AXA operates with a number of external banking partners as well as with AXA Bank itself . 56
Many providers are active in this area, but several are limited to having just one distributor bank .. 57
Retirement savings .. 59
The provision of retirement savings is virtually identical to that of investment-related life cover… .. 59
…although three banks make use of different insurance providers for this type of cover… 59
…and Crédit Mutuel subsidiary BKCP partners with a mix of captive and external underwriters 59
Performance of key bancassurance underwriters .. 61
On a combined basis, the market share in total life insurance of key Belgian bancassurers has plateaued .. 61
5.0 CZECH REPUBLIC .. 62
Banks and other lending institutions covered . 62
Introduction to the banking sector ... 62
The Czech banking sector has remained stable during and in the aftermath of recent financial crises... ... 62
...albeit the rate of foreign ownership could lead to significant restructuring . 63
Insurance market size and growth .. 63
Rapidly increasing demand for unit-linked insurance has buoyed the Czech life insurance sector . 63
Distribution share of banks .. 64
Bancassurance provision rates, operating models and partnerships ... 65
Investment-related life insurance 65
A half of the 32 banks and other lending institutions researched offer investment-related life insurance 65
Product providers include external underwriters, captive underwriters and a single joint venture ... 65
Aviva possesses an important relationship with UniCredit Bank in this field . 65
Banking entities not selling investment-related life insurance are mainly specialised lending institutions ... 66
Two major relationships are determined by international bancassurance agreements 66
Retirement savings .. 68
Captive pension funds belonging to the two largest banks are most prominent in this market... . 68
...albeit AXA has established useful partnerships for retirement savings with four entities .. 68
Performance of key bancassurance underwriters .. 70
Among bancassurers, Komer?ní pojiš?ovna has grown most rapidly in total life insurance . 70
6.0 DENMARK 71
Banks and other lending institutions covered . 71
Introduction to the banking sector ... 71
Seven of the largest ten banking institutions are indigenous to Denmark . 71
The Danish banking sector has changed significantly as a result of the financial crisis... 71
...and the number of lending institutions is expected to decrease further .. 72
However, the four largest Danish banks remain comparatively healthy 72
Insurance market size and growth .. 72
The popularity of unit-linked policies has underpinned the Danish life insurance and pensions market . 72
Distribution share of banks .. 74
Bancassurance provision rates, operating models and partnerships ... 74
Investment-related life insurance 74
Danish banks focus on selling pension products rather than investment-related life insurance... ... 74
Retirement savings .. 76
Entities with no arrangement in this arena are mainly specialised lenders, rather than banks 76
PFA benefits from distribution relationships with at least ten sizeable banking institutions .. 76
Two important captive underwriters are ranked second and third by weighted share of partnerships 76
Performance of key bancassurance underwriters .. 78
The market share of total life insurance of Danica Pension fell sharply in 2009 and 2010 .. 78
7.0 FINLAND ... 79
Banks and other lending institutions covered . 79
Introduction to the banking sector ... 79
Finland's banking sector is relatively concentrated and dominated by OP-Pohjola and Nordea... .. 79
... albeit with competition from a range of other foreign-owned and co-operative / savings banks... ... 79
... plus S-Pankki, the banking arms of the S-Group retailing co-operative 80
The Finnish banking system has a very low exposure to troubles elsewhere in Europe . 80
Insurance market size and growth .. 80
Statutory pension insurance accounted for over two thirds of the total market in 2010 80
Distribution share of banks .. 81
Bancassurance provision rates, operating models and partnerships ... 82
Investment-related life insurance 82
Investment-related life policies are offered mainly through captive insurance companies... 82
...although in the context of its use by Sampo Pankki, Mandatum Life is a non-captive .. 82
Retirement savings .. 84
Retirement savings products are widely offered by the larger banking institutions in Finland... ... 84
... usually by means of the same product providers used for investment-related life insurance .. 84
Performance of key bancassurance underwriters .. 86
The combined market share of competitors with a strong exposure to bancassurance is increasing . 86
OP Henkivakuutus has grown very rapidly in the non-statutory pensions market 87
8.0 FRANCE 88
Banks and other lending institutions covered . 88
Introduction to the banking sector ... 88
Insurance market size and growth .. 89
The French market for investment-related life insurance and retirement savings is Europe's largest... .. 89
in spite of the fact that contributions to unit-linked policies have fallen sharply in recent years ... 89
Distribution share of banks .. 90
French banks remain dominant in life insurance in spite of a slight fall in their distribution share since 2006 . 90
Bancassurance provision rates, operating models and partnerships ... 90
Investment-related life insurance 90
All major retail banks, and even some consumer finance specialists, offer these types of policy... . 90
…with nearly half of all provision being organised through captive providers ... 91
As the leading external provider, CNP Assurances benefits from its links with two major banks… 91
…with captive partners, such as Predica, Cardif and ACM, also prominent in this market .. 91
Three banking entities offer products sourced from more than one provider 92
AXA distributes investment-related life cover through Banque Palatine and Carrefour Bank .. 92
Retirement savings .. 94
Captive partners are also prominent for retirement savings products… ... 94
…albeit external provider CNP Assurances holds the largest weighted share of partnerships ... 94
Many distribution partnerships in this field mirror those of investment-related life cover… .. 94
…and two small entities boost the presence of BPCE's captive retirement planning subsidiary . 94
Performance of key bancassurance underwriters .. 96
The leading three bank-owned insurers all expanded their share of the total life insurance market in 2010 .. 96
9.0 GERMANY 97
Banks and other lending institutions covered . 97
Introduction to the banking sector ... 98
In spite of some consolidation, Germany's banking sector remains comparatively fragmented .. 98
Many of the regional public sector banks have suffered during the financial crisis... 98
... although the savings banks are largely perceived by consumers to be safe institutions .. 98
Taken as a whole, the co-operative banks possess the most retail branches in Germany .. 99
Insurance market size and growth .. 99
Riester and basic pension contracts fuel strong growth in the market for retirement savings products .. 99
'Kapitalversicherung' policies constitute a popular form of saving for many households . 99
Rürup pension contracts are targeted most of all at self-employed customers .. 100
Distribution share of banks 101
Recent evidence suggests the distribution share of banks in investment and pension policies is rising ... 101
Bancassurance provision rates, operating models and partnerships . 101
Investment-related life insurance .. 101
Investment-related life insurance policies are offered quite widely by banking institutions in Germany 101
Talanx bought out Postbank's equity holding in PB Lebensversicherung in 2007 . 101
Commerzbank switched its bancassurance partner after buying Dresdner Bank from Allianz in 2008 102
Deutsche Bank and Santander Consumer Bank both took steps to extend their deals during 2011 102
Including all types of provider, over 30 competitors hold relationships with banks in this sector... . 102
... and several significant banking institutions are not distributors of investment-related life insurance . 102
Retirement savings 105
Retirement savings products of one sort or another are available from over 50% of banks investigated . 105
Partnerships with major banks determine the ranking by weighted share of product providers 105
Thanks to a previous deal with SEB, AXA is used as one of two providers by Santander Consumer Bank . 105
Some links in place for retirement savings replicate those verified for investment-related life insurance .. 105
Performance of key bancassurance underwriters 108
The bancassurance-focused subsidiaries of Talanx ceded market share between 2006 and 2010 . 108
10.0 IRELAND ... 109
Banks and other lending institutions covered ... 109
Introduction to the banking sector . 109
Six major Irish banks have been reduced to three by the financial crisis... . 109
... with foreign-owned banks making up the field .. 109
The Irish League of Credit Unions has the largest customer base, spread across 400 entities 110
Insurance market size and growth 110
Ireland's retirement savings market has been bolstered by sales of pension plans for the self-employed ... 110
Distribution share of banks 111
Bancassurance provision rates, operating models and partnerships . 112
Investment-related life insurance .. 112
Three insurance companies offer investment bonds through the bancassurance channel ... 112
Retirement savings 114
All full-service banks offer retirement savings... 114
... with partnerships distributed across five providers ... 114
Performance of key bancassurance underwriters 116
Key bancassurance underwriters account for a very significant share of total life and pensions... 116
11.0 ITALY . 117
Banks and other lending institutions covered ... 117
Introduction to the banking sector . 117
Four, or arguably five, retail banking groups lay claim to a genuinely nationwide network… 117
… although these are being challenged by an array of ambitious regional competitors… 118
… including the banche di credito cooperative and casse Raiffeisen….. 118
… as well as several insurer-owned banks and banks falling under foreign ownership . 118
Italy also plays host to a considerable number of specialised lending institutions .. 118
Italy's banking groups typically encapsulate a number of local or regional banking brands... 119
Insurance market size and growth 119
The market for investment-related life insurance and retirement savings hit its highest ever level in 2010 ... 119
Distribution share of banks 121
Banks are most dominant as distributors in the market for unit-linked life insurance . 121
Bancassurance provision rates, operating models and partnerships . 121
Investment-related life insurance .. 121
A comparatively high proportion of banking institutions work with one more than product provider .. 121
Both Intesa Sanpaolo and UniCredit have re-configured their bancassurance activities in recent years .. 122
In total, around 12 providers of investment-related life insurance are classifiable as captive providers... . 122
... and 11 as joint ventures. 122
Other providers with a significant presence include Arca, Assimoco, Eurovita, UNIQA and Zurich .. 123
Unipol has owned over 60% of the equity capital of Arca since June 2010 123
Several firms are only ever used as one of a panel of providers of investment-related life policies .. 123
Most institutions with no involvement in this area are classifiable as specialised lenders .. 124
Retirement savings . 126
Providers of retirement savings include both insurance companies and investment management firms... .. 126
... with the latter including Pioneer, in the case of UniCredit 126
Once again, product providers include a significant number of captive and joint venture entities.. 126
... although over 20 external companies possess at least one exclusive partnership in this domain . 127
Performance of key bancassurance underwriters 129
Over 30 bank-owned captive or joint venture underwriters are active in the Italian life insurance market... .. 129
... although fewer compete in the pension funds sector ... 131
12.0 NETHERLANDS ... 132
Banks and other lending institutions covered ... 132
Introduction to the banking sector . 132
The Dutch state exerts a greater influence on the retail banking sector than foreign institutions... 132
…and is likely to continue to do so until 2014 at least .. 132
ING has reshaped itself greatly in recent years 132
Several lending institutions have closed to new business ... 133
Insurance market size and growth 133
The Dutch market for investment-related life insurance and retirement savings is relatively large but mature . 133
Distribution share of banks 135
The share of banks in the retirement savings market fell back slightly between 2008 and 2010 ... 135
Bancassurance provision rates, operating models and partnerships . 135
Investment-related life insurance .. 135
Captive and joint venture underwriters are almost completely dominant in this market... .. 135
... albeit Friesland Bank utilises a captive broker as opposed to a captive underwriter .. 136
Banking entities not selling investment-related life insurance are mainly specialised lending institutions . 136
Retirement savings 138
Arrangements for retirement savings very similar to those for investment-related life insurance .. 138
Performance of key bancassurance underwriters 140
Underwriters owned wholly or in part by banks account for over one third of total life insurance .. 140
13.0 NORWAY .. 141
Banks and other lending institutions covered ... 141
Introduction to the banking sector . 141
Four, or arguably five of the ten lending institutions are owned by foreign parents 141
Two savings banks groups play an important role in Norway's banking sector .. 141
International financial crises have had a limited impact on Norway's banking market ... 142
Insurance market size and growth 142
Norway's retirement savings market is composed primarily of group pension insurance .. 142
Distribution share of banks 143
Bancassurance provision rates, operating models and partnerships . 144
Investment-related life insurance .. 144
Norwegian banks favour marketing retirement savings products over investment-related life insurance . 144
Retirement savings 146
Captive providers within the large financial groups dominate the bancassurance sector... ... 146
... albeit Frende Forsikring is used by several independent savings banks... . 146
... and Gjensidige Pensjonsforsikring by two others . 146
Performance of key bancassurance underwriters 148
Key bancassurers hold a combined market share of over 50% in individual endowment insurance... . 148
... and over 90% in individual pension insurance... .. 148
... but are pegged back at around one third of the market in group pension insurance .. 149
14.0 POLAND ... 151
Banks and other lending institutions covered ... 151
Introduction to the banking sector . 151
Eight of the top ten banking institutions by number of retail customers are owned by foreign parents... ... 151
... and the Polish government maintains a significant stake in the largest bank, PKO Bank Polski ... 151
Poland's banking sector is characterised by significant merger and acquisition activity... .. 151
... with further changes in market structure likely to occur in future years ... 152
While comparatively strong, Poland's banks are not immune to factors in the wider eurozone. 152
Insurance market size and growth 152
The value of investment-related life insurance hit a five-year high in 2008 . 152
Distribution share of banks 154
A rising share of sales of group life insurance policies has brought bancassurers to the fore ... 154
The latest data indicates that, by value, investment-related policies are the largest bancassurance product ... 154
Bancassurance provision rates, operating models and partnerships . 155
Investment-related life insurance .. 155
Investment-related life policies are available from 20 of the banking institutions investigated ... 155
By weighted share of partnerships, Allianz is the leading non-captive provider... ... 155
... and ING ?ycie the most prominent captive .. 155
Five banks make use of more than one provider for investment-related life insurance .. 155
Bank Zachodni WBK's joint venture with Aviva was established in 2008 ... 155
At least one distribution relationship is determined by an international bancassurance alliance ... 156
Europa's gross written premiums expanded rapidly between 2006 and 2010 ... 156
Several sizeable banking institutions do not market any form of investment-related life insurance ... 156
Retirement savings 158
Often, the retirement savings products offered by banks are either OFEs or IKEs 158
Poland's largest bank has established two joint ventures in this domain 158
mBank collaborates with four product providers for retirement savings .. 158
Performance of key bancassurance underwriters 160
Europa and Nordea ?ycie increased their market share most significantly between 2006 and 2010 ... 160
15.0 PORTUGAL .. 161
Banks and other lending institutions covered ... 161
Introduction to the banking sector . 161
Insurance market size and growth 161
Investment-related life insurance is composed primarily of deferred capital insurance policies . 161
The market for PPR and PPR/E contracts expanded rapidly between 2006 and 2010 . 162
Distribution share of banks 163
Banks are almost completely dominant in the distribution of life insurance in Portugal .. 163
Bancassurance provision rates, operating models and partnerships . 164
Investment-related life insurance .. 164
Captive and joint venture underwriters dominate bancassurance distribution of this type of policy... 164
... with other types of product provider limited to relatively small partnerships 164
Banking entities not selling investment-related life insurance are mainly specialised lending institutions . 164
Crédit Agricole entered into its bancassurance joint venture with Banco Espírito Santo in 2006 .. 164
The final cost to CNP of its deal with Barclays will play out over 12 years following its commencement .. 165
Retirement savings 167
Arrangements for retirement savings are largely the same as those for investment-related life insurance... 167
... albeit CajaDuero offers the latter product class but not the former .. 167
Performance of key bancassurance underwriters 169
Fidelidade Mundial and Ocidental Vida have achieved consistent growth in their market share ... 169
16.0 ROMANIA . 170
Banks and other lending institutions covered ... 170
Introduction to the banking sector . 170
Insurance market size and growth 171
Investment-related life insurance and retirement savings have advanced rapidly in recent years 171
Distribution share of banks 172
Bancassurance provision rates, operating models and partnerships . 172
Investment-related life insurance .. 172
Comparatively few banking institutions in Romania sell investment-related life insurance 172
BCR Asigurari, owned by Vienna Insurance Group, benefits from its tie with Banca Comerciala Romana .. 172
Many sizeable banking institutions do not market investment-related life insurance .. 173
AEGON's link with Banca Transilvania dates back to an agreement forged in 2007 . 173
Citibank began marketing ING's 'Academica' and 'Regal' policies in 2010 173
Retirement savings 175
Arrangements for retirement savings are largely the same as those for investment-related life insurance ... 175
Performance of key bancassurance underwriters 177
BCR Asigurari de Viata closed the gap on the market leader, ING Asigurari de Viata, in 2010 177
17.0 RUSSIA . 178
Banks and other lending institutions covered ... 178
Introduction to the banking sector . 178
Banks owned ultimately by the state continue to exert a strong influence on Russia's banking sector... .. 178
... with several foreign banks having decided to exit the market .. 179
Russia's banking sector has changed very significantly in recent years... .. 179
... with a new wave of merger and acquisition activity in evidence since 2008... 179
... and with further changes in the market structure likely to occur .. 180
In spite of its problems, there is plenty of scope for the Russian retail banking market to grow. 180
Insurance market size and growth 180
Most of the market is likely to be composed of contributions to non-state pension funds (NPFs) . 180
Distribution share of banks 182
The primary bancassurance focus of Russian banks lies on creditor and motor insurance .. 182
Bancassurance provision rates, operating models and partnerships . 182
Investment-related life insurance .. 182
Few banking entities promote any form of investment-related life insurance.. 182
The bancassurance strategy of Sberbank is likely to evolve in future . 182
Retirement savings 184
Around a quarter of major banking institutions promote non-state pension funds... ... 184
... in many cases through their own captive vehicles ... 184
In total, a dozen NPFs possess bank distribution partnerships... 184
... although a number of significant banking institutions have not yet entered this market . 184
Performance of key bancassurance underwriters 187
Most 'life insurance' distributed by banks is actually creditor insurance .. 187
18.0 SPAIN 188
Banks and other lending institutions covered ... 188
Introduction to the banking sector . 188
The end of the decade saw a raft of mergers amid general economic uncertainty… 188
…with more mergers and state take-overs expected .. 189
Insurance market size and growth 189
Investment-related life insurance is composed primarily of endowments and unit-linked policies . 189
The market for PPA contracts expanded rapidly between 2006 and 2010 . 190
Distribution share of banks 191
While still dominant, the share of banks in total life insurance has retreated slightly in recent years... .. 191
... although they remain powerful in the market for individual single premium policies ... 191
Bancassurance provision rates, operating models and partnerships . 192
Investment-related life insurance .. 192
By weighted share of partnerships, the three leading providers are all insurers owned outright by banks... . 192
…while MAPFRE is the most prominent external provider of this type of insurance... ... 193
…followed by Zurich, to which four significant bancassurance relationships were attributable . 193
The Spanish market is also populated by a large number of smaller captive insurance providers... . 193
... and numerous joint ventures... .. 193
…although Spain's evolving banking market means that the future of many of these is uncertain ... 194
Retirement savings 196
Arrangements for retirement savings are virtually the same as those for investment-related life insurance . 196
Performance of key bancassurance underwriters 198
Key bancassurance underwriters control over one third of the total insurance market in Spain 198
19.0 SWEDEN ... 201
Banks and other lending institutions covered ... 201
Introduction to the banking sector . 201
In 2011, SBAB received permission to commence banking operations . 201
Swedbank either owns or co-operates closely with the majority of local savings banks 201
Sweden's banking sector remains in relatively good health 202
Insurance market size and growth 202
Contributions to traditional and unit-linked capital insurance policies have caused the market to grow 202
Distribution share of banks 203
Bancassurance provision rates, operating models and partnerships . 204
Investment-related life insurance .. 204
Captive subsidiaries of the large banks are dominant in the bancassurance sector... ... 204
... with only two product providers acting as non-captive partners .. 204
Banking entities with no involvement in this sector are mainly specialised lending institutions .. 204
Retirement savings 206
The partnerships for retirement savings are nearly identical to those for investment-related life insurance .. 206
Performance of key bancassurance underwriters 208
On a combined basis, bancassurers hold over 40% of Sweden's total life insurance market ... 208
20.0 SWITZERLAND 209
Banks and other lending institutions covered ... 209
Introduction to the banking sector . 209
The Swiss banking system can be segmented into four broad categories . 209
Perceived as 'safe havens', the cantonal banks have increased their market share in recent years 210
The Clientis and Raiffeisen groupings are also significant in Swiss retail banking . 210
Postfinance is allowed to operate without a regular banking licence ... 210
Insurance market size and growth 210
The total value of the Swiss market grew modestly between 2006 and 2010 210
Distribution share of banks 211
Bancassurance provision rates, operating models and partnerships . 212
Investment-related life insurance .. 212
External underwriters dominate bancassurance
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Industry Analysis and InsightsNicolas Bombourg
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